AB Municipal Income Fund, Inc.
AB California Portfolio
Portfolio of Investments
February 28, 2023 (unaudited)
| | | | | | | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
|
MUNICIPAL OBLIGATIONS – 92.4% | |
Long-Term Municipal Bonds – 92.2% | |
California – 86.5% | |
Alameda Corridor Transportation Authority
Series 2022-A
Zero Coupon, 10/01/2047 | | $ | 17,955 | | | $ | 8,860,740 | |
Anaheim Housing & Public Improvements Authority (City of Anaheim CA Electric System Revenue)
Series 2020
2.792%, 10/01/2032 | | | 5,000 | | | | 4,136,513 | |
Series 2020-A
5.00%, 10/01/2045 | | | 1,500 | | | | 1,548,358 | |
Series 2020-C
5.00%, 10/01/2045 | | | 1,000 | | | | 1,032,239 | |
Bay Area Toll Authority
Series 2013-S
5.00%, 04/01/2031 (Pre-refunded/ETM) | | | 8,500 | | | | 8,513,010 | |
5.00%, 04/01/2033 (Pre-refunded/ETM) | | | 4,200 | | | | 4,206,429 | |
Series 2021
3.70% (MUNIPSA + 0.28%),
04/01/2056(a) | | | 2,500 | | | | 2,500,243 | |
3.72% (MUNIPSA + 0.30%),
04/01/2056(a) | | | 2,000 | | | | 1,951,399 | |
3.83% (MUNIPSA + 0.41%),
04/01/2056(a) | | | 10,000 | | | | 9,680,191 | |
California Community Choice Financing Authority (Deutsche Bank AG)
Series 2023-C
5.25%, 01/01/2054 | | | 10,000 | | | | 10,405,928 | |
California Community Choice Financing Authority (Goldman Sachs Group, Inc. (The))
Series 2021
4.00%, 10/01/2052 | | | 5,745 | | | | 5,719,172 | |
California Community Choice Financing Authority (Goldman Sachs Group, Inc.(The))
Series 2023
5.00%, 12/01/2053 | | | 8,650 | | | | 9,073,386 | |
California Community Choice Financing Authority (Morgan Stanley)
Series 2021-B
4.00%, 02/01/2052 | | | 4,000 | | | | 3,976,160 | |
Series 2022-A
4.00%, 05/01/2053 | | | 3,675 | | | | 3,669,791 | |
Series 2023
4.679% (SOFR + 1.63%), 07/01/2053(a) | | | 5,000 | | | | 4,994,731 | |
5.00%, 07/01/2053 | | | 5,000 | | | | 5,257,467 | |
California Community College Financing Authority (NCCD-Orange Coast Properties LLC)
Series 2018
5.25%, 05/01/2043 | | | 3,600 | | | | 3,661,550 | |
5.25%, 05/01/2048 | | | 2,750 | | | | 2,778,263 | |
California Community Housing Agency (California Community Housing Agency Aster Apartments)
Series 2021-A
4.00%, 02/01/2043(b) | | | 985 | | | | 816,916 | |
4.00%, 02/01/2056(b) | | | 1,000 | | | | 833,711 | |
1
| | | | | | | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| | |
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments)
Series 2021
4.00%, 02/01/2056(b) | | $ | 2,000 | | | $ | 1,664,625 | |
California Community Housing Agency (California Community Housing Agency Fountains at Emerald Park)
Series 2021
3.00%, 08/01/2056(b) | | | 500 | | | | 335,409 | |
4.00%, 08/01/2046(b) | | | 4,000 | | | | 3,237,805 | |
California Community Housing Agency (California Community Housing Agency Summit at Sausalito Apartments)
Series 2021
3.00%, 02/01/2057(b) | | | 2,000 | | | | 1,340,083 | |
California County Tobacco Securitization Agency
Series 2020-A
4.00%, 06/01/2040 | | | 1,365 | | | | 1,285,220 | |
4.00%, 06/01/2049 | | | 12,155 | | | | 10,711,775 | |
California Earthquake Authority
Series 2022-A
5.603%, 07/01/2027 | | | 2,000 | | | | 1,998,558 | |
California Educational Facilities Authority (Art Center College of Design)
Series 2018-A
5.00%, 12/01/2037 | | | 1,265 | | | | 1,294,338 | |
5.00%, 12/01/2044 | | | 6,885 | | | | 6,918,377 | |
California Educational Facilities Authority (Chapman University)
Series 2015
5.00%, 04/01/2035 | | | 4,415 | | | | 4,555,436 | |
California Educational Facilities Authority (Loma Linda University)
Series 2017-A
5.00%, 04/01/2047 | | | 4,000 | | | | 4,075,532 | |
California Educational Facilities Authority (University of Redlands)
Series 2022-A
5.00%, 10/01/2044 | | | 2,500 | | | | 2,476,878 | |
California Educational Facilities Authority (University of the Pacific)
Series 2015
5.00%, 11/01/2031 | | | 2,000 | | | | 2,104,746 | |
California Enterprise Development Authority (Provident Group-SDSU Properties LLC)
Series 2020-A
5.00%, 08/01/2050 | | | 1,030 | | | | 1,035,023 | |
California Enterprise Development Authority (Rocketship Education Obligated Group)
Series 2022
4.00%, 06/01/2042(b) | | | 1,000 | | | | 793,829 | |
California Enterprise Development Authority (Rocklin Academy (The))
Series 2021
4.00%, 06/01/2051(b) | | | 625 | | | | 465,386 | |
4.00%, 06/01/2061(b) | | | 840 | | | | 591,969 | |
2
| | | | | | | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| | |
California Health Facilities Financing Authority (Children’s Hospital Los Angeles)
Series 2017-A
5.00%, 08/15/2035 | | $ | 1,365 | | | $ | 1,422,527 | |
5.00%, 08/15/2036 | | | 3,000 | | | | 3,110,692 | |
5.00%, 08/15/2042 | | | 2,000 | | | | 2,031,921 | |
5.00%, 08/15/2047 | | | 1,000 | | | | 1,011,206 | |
California Health Facilities Financing Authority (CommonSpirit Health)
Series 2020-A
4.00%, 04/01/2037 | | | 5,165 | | | | 5,021,374 | |
4.00%, 04/01/2038 | | | 7,000 | | | | 6,753,006 | |
4.00%, 04/01/2040 | | | 3,000 | | | | 2,837,752 | |
California Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford Obligated Group)
Series 2022-A
4.00%, 05/15/2046 | | | 13,865 | | | | 13,152,343 | |
California Health Facilities Financing Authority (Providence St. Joseph Health Obligated Group)
Series 2013-A
5.00%, 07/01/2033 (Pre-refunded/ETM) | | | 5,000 | | | | 5,030,124 | |
California Infrastructure & Economic Development Bank (California Academy of Sciences)
Series 2021
3.77% (MUNIPSA + 0.35%),
08/01/2047(a) | | | 6,300 | | | | 6,223,027 | |
California Infrastructure & Economic Development Bank (DesertXpress Enterprises LLC)
Series 2023
3.65%, 01/01/2050(b) | | | 20,000 | | | | 19,924,994 | |
7.75%, 01/01/2050(b) | | | 1,890 | | | | 1,880,363 | |
California Infrastructure & Economic Development Bank (Goodwill Industries of Sacramento Valley & Northern Nevada, Inc.)
Series 2016
5.00%, 01/01/2036(b) | | | 1,500 | | | | 1,260,503 | |
California Municipal Finance Authority
Series 2015-A
5.00%, 02/01/2046 (Pre-refunded/ETM) | | | 1,380 | | | | 1,430,929 | |
California Municipal Finance Authority (American Heritage/Escondido/Heritage K-8 Charter School Obligated Group)
Series 2016-A
5.00%, 06/01/2036 | | | 1,900 | | | | 1,930,920 | |
5.00%, 06/01/2046 | | | 1,500 | | | | 1,501,050 | |
California Municipal Finance Authority (Azusa Pacific University)
Series 2015-B
5.00%, 04/01/2035 | | | 2,960 | | | | 2,928,165 | |
5.00%, 04/01/2041 | | | 3,000 | | | | 2,845,852 | |
3
| | | | | | | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| | |
California Municipal Finance Authority (Biola University, Inc.)
Series 2017
5.00%, 10/01/2032 | | $ | 565 | | | $ | 592,623 | |
5.00%, 10/01/2033 | | | 625 | | | | 654,687 | |
5.00%, 10/01/2034 | | | 570 | | | | 595,293 | |
5.00%, 10/01/2035 | | | 600 | | | | 622,913 | |
5.00%, 10/01/2036 | | | 1,150 | | | | 1,188,054 | |
5.00%, 10/01/2037 | | | 2,000 | | | | 2,058,804 | |
5.00%, 10/01/2039 | | | 2,000 | | | | 2,049,743 | |
California Municipal Finance Authority (California Institute of the Arts)
Series 2021
4.00%, 10/01/2046 | | | 965 | | | | 818,684 | |
4.00%, 10/01/2051 | | | 1,200 | | | | 988,304 | |
California Municipal Finance Authority (CHF-Riverside II LLC)
Series 2019
5.00%, 05/15/2041 | | | 3,470 | | | | 3,497,258 | |
5.00%, 05/15/2042 | | | 4,705 | | | | 4,733,934 | |
5.00%, 05/15/2049 | | | 4,500 | | | | 4,447,829 | |
5.00%, 05/15/2052 | | | 1,575 | | | | 1,546,400 | |
California Municipal Finance Authority (Community Health Centers of The Central Coast, Inc.)
Series 2021-A
5.00%, 12/01/2054(b) | | | 1,000 | | | | 939,660 | |
California Municipal Finance Authority (Congregational Homes, Inc. Obligated Group)
Series 2022
4.00%, 11/15/2042 | | | 560 | | | | 439,175 | |
4.00%, 11/15/2052 | | | 3,605 | | | | 2,575,794 | |
4.00%, 11/15/2056 | | | 1,685 | | | | 1,175,904 | |
California Municipal Finance Authority (Goodwill Industries of Sacramento Valley & Northern Nevada, Inc.)
Series 2014
5.25%, 01/01/2045 | | | 1,295 | | | | 1,016,465 | |
California Municipal Finance Authority (Inland Regional Center)
Series 2015
5.00%, 06/15/2032 | | | 5,000 | | | | 5,258,688 | |
California Municipal Finance Authority (LAX Integrated Express Solutions LLC)
Series 2018
4.00%, 12/31/2047 | | | 5,000 | | | | 4,263,084 | |
5.00%, 12/31/2036 | | | 5,685 | | | | 5,819,927 | |
5.00%, 12/31/2037 | | | 4,000 | | | | 4,082,014 | |
5.00%, 12/31/2047 | | | 10,005 | | | | 9,895,683 | |
California Municipal Finance Authority (Samuel Merritt University)
Series 2022
5.25%, 06/01/2053 | | | 10,000 | | | | 10,709,092 | |
California Municipal Finance Authority (United Airlines, Inc.)
Series 2019
4.00%, 07/15/2029 | | | 5,000 | | | | 4,782,422 | |
California Municipal Finance Authority (UTS Bioenergy LLC)
Series 2011-A1
7.50%, 12/01/2032(c) (d) (e) | | | 2,745 | | | | 54,900 | |
4
| | | | | | | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| | |
California Pollution Control Financing Authority (Poseidon Resources Channelside LP)
Series 2019
5.00%, 07/01/2039(b) | | $ | 9,740 | | | $ | 9,896,816 | |
5.00%, 11/21/2045(b) | | | 8,000 | | | | 8,047,669 | |
Series 2023
5.00%, 07/01/2035(b) (f) | | | 2,000 | | | | 2,117,203 | |
California Pollution Control Financing Authority (Rialto Bioenergy Facility LLC)
Series 2019
7.50%, 12/01/2040(b) | | | 2,200 | | | | 1,470,491 | |
California Public Finance Authority (California University of Science & Medicine Obligated Group)
Series 2019
6.25%, 07/01/2054(b) | | | 2,000 | | | | 2,119,573 | |
California Public Finance Authority (Enso Village)
Series 2021
2.125%, 11/15/2027(b) | | | 2,500 | | | | 2,332,436 | |
California Public Finance Authority (Henry Mayo Newhall Hospital Obligated Group)
Series 2017
5.00%, 10/15/2037 | | | 1,000 | | | | 1,018,557 | |
5.00%, 10/15/2047 | | | 2,665 | | | | 2,624,994 | |
California School Finance Authority (ACE Charter Schools Obligated Group)
Series 2016
5.00%, 06/01/2042(b) | | | 2,750 | | | | 2,544,687 | |
California School Finance Authority (Alliance for College Ready Public Schools Obligated Group)
Series 2015-A
5.00%, 07/01/2045(b) | | | 4,675 | | | | 4,690,193 | |
Series 2016
5.25%, 07/01/2052(b) | | | 2,500 | | | | 2,521,522 | |
California School Finance Authority (Aspire Public Schools Obligated Group)
Series 2020-A
5.00%, 08/01/2059(b) | | | 2,000 | | | | 1,928,900 | |
California School Finance Authority (Bright Star Schools Obligated Group)
Series 2017
5.00%, 06/01/2037(b) | | | 1,200 | | | | 1,167,723 | |
5.00%, 06/01/2047(b) | | | 1,565 | | | | 1,435,309 | |
California School Finance Authority (Classical Academy Obligated Group)
Series 2020-A
5.00%, 10/01/2050(b) | | | 3,000 | | | | 2,970,391 | |
Series 2021
4.00%, 10/01/2046(b) | | | 1,250 | | | | 1,045,408 | |
Series 2022
5.00%, 10/01/2061(b) | | | 2,000 | | | | 1,933,988 | |
5
| | | | | | | | |
| | | Principal
Amount
(000) | | | U.S. $ Value | |
| | |
California School Finance Authority (Downtown College Prep Obligated Group)
Series 2016
5.00%, 06/01/2046(b) | | $ | 2,325 | | | $ | 2,100,982 | |
5.00%, 06/01/2051(b) | | | 2,910 | | | | 2,573,513 | |
California School Finance Authority (Ednovate Obligated Group)
Series 2018
5.00%, 06/01/2037(b) | | | 430 | | | | 416,342 | |
California School Finance Authority (Equitas Academy Obligated Group)
Series 2018-A
5.00%, 06/01/2035(b) | | | 4,770 | | | | 4,667,093 | |
California School Finance Authority (Fenton Charter Public Schools)
Series 2020-A
5.00%, 07/01/2058(b) | | | 625 | | | | 555,285 | |
California School Finance Authority (Green Dot Public Schools Obligated Group)
Series 2015-A
5.00%, 08/01/2045(b) | | | 1,000 | | | | 993,588 | |
California School Finance Authority (Green DOT Public Schools Obligated Group)
Series 2022
5.00%, 08/01/2032(b) | | | 750 | | | | 781,228 | |
5.75%, 08/01/2052(b) | | | 1,650 | | | | 1,720,038 | |
California School Finance Authority (Hawking STEAM Charter Schools, Inc.)
Series 2022
5.00%, 07/01/2042(b) | | | 1,860 | | | | 1,779,873 | |
5.25%, 07/01/2052(b) | | | 2,255 | | | | 2,144,884 | |
5.375%, 07/01/2056(b) | | | 995 | | | | 955,489 | |
5.50%, 07/01/2062(b) | | | 1,775 | | | | 1,722,100 | |
California School Finance Authority (Kipp SoCal Public Schools Obligated Group)
Series 2017-A
5.00%, 07/01/2037(b) | | | 935 | | | | 955,739 | |
5.00%, 07/01/2047(b) | | | 2,485 | | | | 2,498,523 | |
Series 2019-A
5.00%, 07/01/2049(b) | | | 2,000 | | | | 2,012,628 | |
Series 2020-A
4.00%, 07/01/2055(b) | | | 835 | | | | 684,657 | |
California School Finance Authority (Kipp SoCal Public Schools)
Series 2014-A
5.00%, 07/01/2034(b) | | | 600 | | | | 607,960 | |
California School Finance Authority (Lighthouse Community Public Schools Obligated Group)
Series 2022
6.50%, 06/01/2062(b) | | | 2,300 | | | | 2,342,148 | |
6
| | | | | | | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| | |
California School Finance Authority (Rocketship Education Obligated Group)
Series 2016-A
5.00%, 06/01/2036(b) | | $ | 1,000 | | | $ | 960,583 | |
5.00%, 06/01/2046(b) | | | 2,500 | | | | 2,258,024 | |
Series 2017
5.125%, 06/01/2047(b) | | | 700 | | | | 641,387 | |
Series 2017-G
5.00%, 06/01/2037(b) | | | 360 | | | | 343,719 | |
5.00%, 06/01/2053(b) | | | 1,550 | | | | 1,369,989 | |
California School Finance Authority (Summit Public Schools Obligated Group)
Series 2017
5.00%, 06/01/2047(b) | | | 1,500 | | | | 1,498,334 | |
5.00%, 06/01/2053(b) | | | 3,800 | | | | 3,736,363 | |
California School Finance Authority (View Park Elementary & Middle Schools)
Series 2014
5.625%, 10/01/2034 | | | 575 | | | | 578,461 | |
5.875%, 10/01/2044 | | | 1,000 | | | | 1,006,901 | |
6.00%, 10/01/2049 | | | 715 | | | | 720,947 | |
California State University
Series 2020-D
1.49%, 11/01/2028 | | | 1,500 | | | | 1,261,389 | |
Series 2021-B
2.144%, 11/01/2033 | | | 6,000 | | | | 4,636,803 | |
California Statewide Communities Development Authority
AGM Series 2014
5.00%, 11/15/2034 (Pre-refunded/ETM) | | | 2,500 | | | | 2,581,238 | |
5.00%, 11/15/2044 (Pre-refunded/ETM) | | | 2,000 | | | | 2,064,990 | |
California Statewide Communities Development Authority (California Baptist University)
Series 2017-A
5.00%, 11/01/2032(b) | | | 1,135 | | | | 1,151,888 | |
5.00%, 11/01/2041(b) | | | 1,875 | | | | 1,832,595 | |
California Statewide Communities Development Authority (CHF-Irvine LLC)
Series 2017-A
5.00%, 05/15/2034 | | | 1,000 | | | | 1,028,526 | |
5.00%, 05/15/2035 | | | 1,410 | | | | 1,446,401 | |
5.00%, 05/15/2036 | | | 1,500 | | | | 1,535,250 | |
California Statewide Communities Development Authority (Emanate Health Obligated Group)
Series 2020-A
5.00%, 04/01/2035 | | | 1,000 | | | | 1,080,169 | |
California Statewide Communities Development Authority (Enloe Medical Center Obligated Group)
AGM Series 2022-A
5.375%, 08/15/2057 | | | 2,000 | | | | 2,125,759 | |
California Statewide Communities Development Authority (Lancer Educational Housing LLC)
Series 2016
5.00%, 06/01/2036(b) | | | 1,000 | | | | 978,135 | |
Series 2019
5.00%, 06/01/2051(b) | | | 3,165 | | | | 2,892,676 | |
7
| | | | | | | | |
| | | Principal
Amount
(000) | | | U.S. $ Value | |
| | |
California Statewide Communities Development Authority (Loma Linda University Medical Center)
Series 2016-A
5.00%, 12/01/2036(b) | | $ | 5,000 | | | $ | 5,019,769 | |
5.00%, 12/01/2041(b) | | | 1,315 | | | | 1,258,252 | |
5.25%, 12/01/2056(b) | | | 1,700 | | | | 1,600,572 | |
California Statewide Communities Development Authority (Moldaw Residences)
Series 2014-A
5.25%, 11/01/2044(b) | | | 1,800 | | | | 1,489,442 | |
5.375%, 11/01/2049(b) | | | 2,500 | | | | 2,056,028 | |
California Statewide Communities Development Authority (NCCD-Hooper Street LLC)
Series 2019
5.25%, 07/01/2039(b) | | | 2,295 | | | | 2,121,672 | |
5.25%, 07/01/2049(b) | | | 2,675 | | | | 2,343,871 | |
5.25%, 07/01/2052(b) | | | 1,565 | | | | 1,355,639 | |
Capistrano Unified School District School Facilities Improvement District No. 1
AGM Series 2001-B
Zero Coupon, 08/01/2025 | | | 4,650 | | | | 4,196,193 | |
City & County of San Francisco CA (City & County of San Francisco CA COP)
Series 2019
5.00%, 04/01/2025 | | | 3,520 | | | | 3,664,617 | |
City of Atwater CA Wastewater Revenue
AGM Series 2017-A
5.00%, 05/01/2040 | | | 1,000 | | | | 1,053,428 | |
5.00%, 05/01/2043 | | | 1,000 | | | | 1,047,973 | |
City of Fairfield CA (City of Fairfield CA COP)
AGC Series 2007
Zero Coupon, 04/01/2035 | | | 3,700 | | | | 2,278,876 | |
City of Irvine CA (City of Irvine CA Assessment Dist No. 13-1)
Series 2013
5.00%, 09/02/2027 | | | 650 | | | | 656,622 | |
5.00%, 09/02/2029 | | | 1,110 | | | | 1,121,868 | |
City of Irvine CA (Irvine Community Facilities District No. 2013-3)
Series 2018
5.00%, 09/01/2043 | | | 2,400 | | | | 2,444,564 | |
5.00%, 09/01/2048 | | | 4,250 | | | | 4,305,550 | |
City of Long Beach CA Marina System Revenue
Series 2015
5.00%, 05/15/2032 | | | 1,100 | | | | 1,130,171 | |
5.00%, 05/15/2040 | | | 2,250 | | | | 2,275,294 | |
5.00%, 05/15/2045 | | | 2,250 | | | | 2,271,887 | |
City of Los Angeles CA
Series 2022
4.00%, 06/29/2023 | | | 30,250 | | | | 30,354,804 | |
8
| | | | | | | | |
| | | Principal
Amount
(000) | | | U.S. $ Value | |
| | |
City of Los Angeles CA Wastewater System Revenue
Series 2013-B
5.00%, 06/01/2031 | | $ | 5,000 | | | $ | 5,021,557 | |
City of Los Angeles Department of Airports
Series 2022
3.25%, 05/15/2049 | | | 2,000 | | | | 1,531,431 | |
5.00%, 05/15/2045 | | | 1,500 | | | | 1,563,053 | |
City of Palo Alto CA (City of Palo Alto CA University Avenue AD)
Series 2012
5.00%, 09/02/2025 | | | 1,685 | | | | 1,701,488 | |
5.00%, 09/02/2028 | | | 530 | | | | 535,584 | |
5.00%, 09/02/2030 | | | 745 | | | | 752,858 | |
City of Riverside CA Sewer Revenue
Series 2015-A
5.00%, 08/01/2033 | | | 10,090 | | | | 10,633,935 | |
City of Roseville CA (Fiddyment Ranch Community Facilities District No. 1)
Series 2017
5.00%, 09/01/2033 | | | 1,315 | | | | 1,378,400 | |
5.00%, 09/01/2034 | | | 1,000 | | | | 1,044,070 | |
City of Roseville CA (HP Campus Oaks Community Facilities District No. 1)
Series 2016
5.00%, 09/01/2036 | | | 640 | | | | 658,397 | |
City of San Francisco CA Public Utilities Commission Water Revenue
Series 2020-E
2.825%, 11/01/2041 | | | 4,890 | | | | 3,804,942 | |
City of San Jose CA Airport Revenue (Norman Y Mineta San Jose International Airport SJC)
Series 2017-A
5.00%, 03/01/2033 | | | 1,100 | | | | 1,151,745 | |
5.00%, 03/01/2034 | | | 2,000 | | | | 2,089,449 | |
5.00%, 03/01/2035 | | | 3,500 | | | | 3,641,285 | |
5.00%, 03/01/2037 | | | 1,800 | | | | 1,855,868 | |
City of Upland CA (San Antonio Regional Hospital)
Series 2017
5.00%, 01/01/2032 | | | 1,000 | | | | 1,055,475 | |
5.00%, 01/01/2047 | | | 2,750 | | | | 2,724,326 | |
CMFA Special Finance Agency (CMFA Special Finance Agency Enclave)
Series 2022-A
4.00%, 08/01/2058(b) | | | 2,000 | | | | 1,552,209 | |
CMFA Special Finance Agency (CMFA Special Finance Agency Latitude33)
Series 2021-A
3.00%, 12/01/2056(b) | | | 2,000 | | | | 1,370,779 | |
CMFA Special Finance Agency (CMFA Special Finance Agency Solana at Grand)
Series 2021-A
4.00%, 08/01/2056(b) | | | 3,000 | | | | 2,518,045 | |
9
| | | | | | | | |
| | | Principal
Amount
(000) | | | U.S. $ Value | |
| | |
CMFA Special Finance Agency VIII Elan Huntington Beach
Series 2021
3.00%, 08/01/2056(b) | | $ | 4,000 | | | $ | 2,625,988 | |
4.00%, 08/01/2047(b) | | | 1,000 | | | | 785,083 | |
Coast Community College District
Series 2019-F
3.00%, 08/01/2036 | | | 850 | | | | 767,493 | |
3.00%, 08/01/2037 | | | 940 | | | | 832,021 | |
3.00%, 08/01/2038 | | | 2,175 | | | | 1,896,304 | |
County of Los Angeles CA Community Facilities District No 2021-01
Series 2022
5.00%, 09/01/2047 | | | 2,750 | | | | 2,747,077 | |
5.00%, 09/01/2052 | | | 2,500 | | | | 2,464,323 | |
County of Sacramento CA (North Vineyard District 2005-2)
Series 2016
5.00%, 09/01/2040 | | | 990 | | | | 1,003,444 | |
5.00%, 09/01/2045 | | | 1,250 | | | | 1,260,449 | |
County of Sacramento CA Airport System Revenue
Series 2016-B
5.00%, 07/01/2036 | | | 1,755 | | | | 1,841,378 | |
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona)
Series 2021
4.00%, 05/01/2057(b) | | | 1,000 | | | | 700,949 | |
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim)
Series 2021
3.25%, 04/01/2057(b) | | | 4,000 | | | | 2,746,209 | |
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek)
Series 2021
4.00%, 10/01/2046(b) | | | 3,000 | | | | 2,326,694 | |
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments)
Series 2021
4.00%, 10/01/2056(b) | | | 5,000 | | | | 3,746,420 | |
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Crescent)
Series 2022
4.30%, 07/01/2059(b) | | | 1,000 | | | | 842,277 | |
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments)
Series 2021-A2
3.125%, 08/01/2056(b) | | | 1,000 | | | | 698,402 | |
10
| | | | | | | | |
| | | Principal
Amount
(000) | | | U.S. $ Value | |
| | |
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne)
Series 2021
3.25%, 07/01/2056(b) | | $ | 1,000 | | | $ | 679,639 | |
4.00%, 07/01/2058(b) | | | 1,000 | | | | 685,069 | |
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Oceanaire Apartments)
Series 2021
4.00%, 09/01/2056(b) | | | 2,500 | | | | 1,919,529 | |
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Pasadena Portfolio)
Series 2021
3.00%, 12/01/2056(b) | | | 1,000 | | | | 675,630 | |
4.00%, 12/01/2056(b) | | | 1,000 | | | | 733,480 | |
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Theo Apartments)
Series 2021
4.00%, 05/01/2057(b) | | | 2,000 | | | | 1,408,439 | |
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Towne at Glendale Apartments)
Series 2022
Zero Coupon, 09/01/2062(b) | | | 1,645 | | | | 802,645 | |
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay)
Series 2021-A2
4.00%, 07/01/2056(b) | | | 2,400 | | | | 1,802,623 | |
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments)
Series 2021
3.25%, 10/01/2058(b) | | | 1,000 | | | | 683,063 | |
4.00%, 10/01/2048(b) | | | 3,000 | | | | 2,176,864 | |
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Waterscape Apartments)
Series 2021-A
3.00%, 09/01/2056(b) | | | 1,500 | | | | 991,340 | |
Fremont Community Facilities District No. 1
Series 2015
5.00%, 09/01/2040 | | | 4,000 | | | | 4,043,412 | |
Garden Grove Unified School District
Series 2013-C
5.00%, 08/01/2032 (Pre-refunded/ETM) | | | 2,535 | | | | 2,555,244 | |
Golden State Tobacco Securitization Corp.
Series 2021
3.115%, 06/01/2038 | | | 5,000 | | | | 3,920,433 | |
3.85%, 06/01/2050 | | | 5,000 | | | | 4,443,156 | |
Golden State Tobacco Securitization Corp.
Series 2021
1.85%, 06/01/2031 | | | 1,175 | | | | 1,165,070 | |
Series 2022 | | | | | | | | |
5.00%, 06/01/2051 | | | 10,000 | | | | 10,408,960 | |
11
| | | | | | | | |
| | | Principal
Amount
(000) | | | U.S. $ Value | |
| | |
Hastings Campus Housing Finance Authority
Series 2020-A
5.00%, 07/01/2045(b) | | $ | 5,000 | | | $ | 4,268,618 | |
Irvine Unified School District
Series 2017-B
5.00%, 09/01/2047 | | | 995 | | | | 1,004,668 | |
Lake Elsinore Public Financing Authority
Series 2015
5.00%, 09/01/2031 | | | 2,690 | | | | 2,783,931 | |
5.00%, 09/01/2035 | | | 1,835 | | | | 1,889,005 | |
Los Angeles County Public Works Financing Authority
(County of Los Angeles CA Lease)
Series 2020
4.00%, 12/01/2039 | | | 5,500 | | | | 5,512,924 | |
Los Angeles Department of Water & Power Water System Revenue
Series 2021-C
5.00%, 07/01/2041 | | | 1,250 | | | | 1,372,180 | |
Series 2022-C
5.00%, 07/01/2042 | | | 8,750 | | | | 9,750,625 | |
Los Angeles Unified School District/CA
Series 2009
5.75%, 07/01/2034 | | | 2,000 | | | | 2,104,417 | |
Series 2020-R
4.00%, 07/01/2036 | | | 5,000 | | | | 5,119,892 | |
4.00%, 07/01/2037 | | | 4,500 | | | | 4,580,344 | |
4.00%, 07/01/2038 | | | 6,000 | | | | 6,057,590 | |
M-S-R Energy Authority (Citigroup, Inc.)
Series 2009-A
6.50%, 11/01/2039 | | | 830 | | | | 989,074 | |
Series 2009-B
6.50%, 11/01/2039 | | | 10,000 | | | | 11,916,559 | |
Menifee Union School District
Series 2018
5.00%, 09/01/2043 | | | 1,000 | | | | 1,015,173 | |
5.00%, 09/01/2048 | | | 1,215 | | | | 1,225,614 | |
Metropolitan Water District of Southern California
Series 2021-D
3.56% (MUNIPSA + 0.14%), 07/01/2037(a) | | | 2,100 | | | | 2,091,609 | |
Oakland Unified School District/Alameda County
Series 2015-A
5.00%, 08/01/2031 (Pre-refunded/ETM) | | | 1,640 | | | | 1,718,631 | |
5.00%, 08/01/2032 (Pre-refunded/ETM) | | | 1,500 | | | | 1,571,919 | |
5.00%, 08/01/2033 (Pre-refunded/ETM) | | | 2,200 | | | | 2,305,481 | |
Orange County Transportation Authority (91 Express Lanes Toll Road)
Series 2013
5.00%, 08/15/2029 | | | 2,360 | | | | 2,377,671 | |
Orange County Water District
Series 2019-C
4.00%, 08/15/2034 | | | 1,250 | | | | 1,323,835 | |
Oxnard Financing Authority
AGM Series 2014
5.00%, 06/01/2031 | | | 5,250 | | | | 5,359,429 | |
Palomar Health
Series 2016-A
5.00%, 08/01/2031 | | | 1,285 | | | | 1,373,143 | |
12
| | | | | | | | |
| | | Principal
Amount
(000) | | | U.S. $ Value | |
| | |
Palomar Health (Palomar Health Obligated Group)
Series 2016
5.00%, 11/01/2036 | | $ | 5,000 | | | $ | 5,094,106 | |
Series 2017
5.00%, 11/01/2042 | | | 1,000 | | | | 1,004,931 | |
Poway Unified School District Public Financing Authority
Series 2015-A
5.00%, 09/01/2033 | | | 1,500 | | | | 1,543,113 | |
5.00%, 09/01/2034 | | | 995 | | | | 1,021,959 | |
Redding Joint Powers Financing Authority
Series 2015-A
5.00%, 06/01/2030 | | | 1,350 | | | | 1,427,510 | |
Regents of the University of California Medical Center Pooled Revenue
Series 2022
5.00%, 05/15/2040 | | | 10,000 | | | | 11,066,996 | |
Rialto Redevelopment Agency
Series 2018
5.00%, 09/01/2032 | | | 500 | | | | 548,893 | |
5.00%, 09/01/2033 | | | 500 | | | | 546,543 | |
5.00%, 09/01/2037 | | | 2,235 | | | | 2,384,034 | |
River Islands Public Financing Authority (River Islands Public Financing Authority Community Facilities District No 2003-1)
Series 2022
5.00%, 09/01/2052 | | | 5,200 | | | | 4,805,582 | |
Riverside County Transportation Commission
Series 2013-A
5.25%, 06/01/2032 (Pre-refunded/ETM) | | | 9,165 | | | | 9,213,981 | |
Series 2021
4.00%, 06/01/2040 | | | 3,330 | | | | 3,175,680 | |
4.00%, 06/01/2041 | | | 1,765 | | | | 1,669,068 | |
Sacramento County Water Financing Authority (Sacramento County Water Agency)
NATL Series 2007-B
3.74% (LIBOR 3 Month + 0.55%), 06/01/2034(a) | | | 1,450 | | | | 1,406,914 | |
3.76% (LIBOR 3 Month + 0.57%), 06/01/2039(a) | | | 5,375 | | | | 4,804,974 | |
San Diego County Regional Airport Authority
Series 2019-A
4.00%, 07/01/2037 | | | 2,500 | | | | 2,465,025 | |
4.00%, 07/01/2038 | | | 2,000 | | | | 1,950,478 | |
Series 2020
5.00%, 07/01/2035 | | | 650 | | | | 693,065 | |
5.00%, 07/01/2036 | | | 500 | | | | 528,790 | |
5.00%, 07/01/2037 | | | 250 | | | | 262,978 | |
5.00%, 07/01/2038 | | | 250 | | | | 262,322 | |
5.00%, 07/01/2039 | | | 255 | | | | 266,535 | |
5.00%, 07/01/2040 | | | 250 | | | | 260,166 | |
Series 2021-A
4.00%, 07/01/2056 | | | 4,750 | | | | 4,381,128 | |
Series 2021-B
4.00%, 07/01/2041 | | | 3,010 | | | | 2,810,043 | |
4.00%, 07/01/2046 | | | 2,500 | | | | 2,275,366 | |
13
| | | | | | | | |
| | | Principal
Amount
(000) | | | U.S. $ Value | |
| | |
San Diego Unified School District/CA
Series 2013-C
5.00%, 07/01/2032 (Pre-refunded/ETM) | | $ | 3,180 | | | $ | 3,200,215 | |
San Francisco City & County Redevelopment Agency Successor Agency (Mission Bay South Public Imp)
Series 2013-A
5.00%, 08/01/2029 | | | 1,310 | | | | 1,322,582 | |
San Francisco City & County Redevelopment Agency Successor Agency (Successor Agency to the Redev of San Francisco - Mission Bay South)
Series 2016-B
5.00%, 08/01/2033 | | | 1,000 | | | | 1,059,814 | |
5.00%, 08/01/2035 | | | 1,000 | | | | 1,057,355 | |
Series 2016-C
5.00%, 08/01/2032 | | | 1,000 | | | | 1,064,319 | |
5.00%, 08/01/2035 | | | 1,000 | | | | 1,057,355 | |
San Francisco Intl Airport
Series 2017-A
5.00%, 05/01/2042 | | | 2,000 | | | | 2,040,592 | |
Series 2022-C
3.283%, 05/01/2036 | | | 3,000 | | | | 2,483,859 | |
Santa Clara Valley Water District Safe Clean Water Revenue (Santa Clara Valley Water District Safe Clean Water Revenue Lease)
Series 2022-A
5.00%, 08/01/2049 | | | 1,210 | | | | 1,335,908 | |
Sierra Joint Community College District School Facilities District No. 2
NATL Series 2007-B
Zero Coupon, 06/01/2032 | | | 5,485 | | | | 4,017,732 | |
Southern California Public Power Authority (Los Angeles Department of Water & Power PWR)
Series 2014-A
5.00%, 07/01/2033 | | | 5,000 | | | | 5,110,309 | |
5.00%, 07/01/2034 | | | 3,200 | | | | 3,270,178 | |
State of California
Series 2004
5.30%, 04/01/2029 | | | 5 | | | | 5,009 | |
Series 2014
5.00%, 12/01/2030 | | | 2,000 | | | | 2,027,513 | |
Series 2022
5.00%, 09/01/2042 | | | 7,000 | | | | 7,818,869 | |
Stockton Redevelopment Agency Successor Agency
AGM Series 2016-A
5.00%, 09/01/2033 | | | 2,800 | | | | 2,994,896 | |
5.00%, 09/01/2034 | | | 1,000 | | | | 1,068,279 | |
Successor Agency to the Redev of San Francisco - Mission Bay North
Series 2016-A
5.00%, 08/01/2032 | | | 1,025 | | | | 1,090,927 | |
5.00%, 08/01/2034 | | | 1,105 | | | | 1,170,578 | |
5.00%, 08/01/2035 | | | 595 | | | | 629,126 | |
5.00%, 08/01/2036 | | | 775 | | | | 816,144 | |
14
| | | | | | | | |
| | | Principal
Amount
(000) | | | U.S. $ Value | |
| | |
Tobacco Securitization Authority of Northern California (Sacramento County Tobacco Securitization Corp.)
Series 2021
Zero Coupon, 06/01/2060 | | $ | 10,000 | | | $ | 1,624,060 | |
5.00%, 06/01/2023 | | | 1,160 | | | | 1,164,713 | |
Tobacco Securitization Authority of Southern California
Series 2019
5.00%, 06/01/2037 | | | 1,000 | | | | 1,061,588 | |
5.00%, 06/01/2048 | | | 13,825 | | | | 14,120,439 | |
Transbay Joint Powers Authority (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Rev)
Series 2020
5.00%, 10/01/2040 | | | 1,000 | | | | 1,033,955 | |
5.00%, 10/01/2045 | | | 2,000 | | | | 2,044,436 | |
5.00%, 10/01/2049 | | | 2,200 | | | | 2,228,485 | |
University of California
Series 2023-B
4.693%, 05/15/2033 | | | 5,600 | | | | 5,543,802 | |
5.00%, 05/15/2035 | | | 5,000 | | | | 5,921,164 | |
5.00%, 05/15/2036 | | | 5,000 | | | | 5,825,505 | |
Upland Unified School District
Series 2011-C
Zero Coupon, 08/01/2035 | | | 1,020 | | | | 639,068 | |
Walnut Energy Center Authority
Series 2014
5.00%, 01/01/2031 | | | 4,000 | | | | 4,087,722 | |
5.00%, 01/01/2032 | | | 3,700 | | | | 3,780,657 | |
Washington Township Health Care District
Series 2017-B
5.00%, 07/01/2032 | | | 2,000 | | | | 2,057,731 | |
5.00%, 07/01/2033 | | | 1,500 | | | | 1,541,429 | |
| | | | | | | | |
| | | | | | | 838,623,645 | |
| | | | | | | | |
| | |
American Samoa – 0.2% | | | | | | | | |
American Samoa Economic Development Authority (Territory of American Samoa)
Series 2015-A
6.625%, 09/01/2035 | | | 430 | | | | 448,377 | |
Series 2018
7.125%, 09/01/2038(b) | | | 1,385 | | | | 1,515,862 | |
| | | | | | | | |
| | | | | | | 1,964,239 | |
| | | | | | | | |
| | |
Georgia – 0.1% | | | | | | | | |
Municipal Electric Authority of Georgia
Series 2019
5.00%, 01/01/2037 | | | 100 | | | | 101,994 | |
5.00%, 01/01/2038 | | | 100 | | | | 101,627 | |
5.00%, 01/01/2039 | | | 100 | | | | 103,472 | |
5.00%, 01/01/2048 | | | 215 | | | | 209,695 | |
5.00%, 01/01/2056 | | | 655 | | | | 662,318 | |
5.00%, 01/01/2059 | | | 220 | | | | 209,482 | |
| | | | | | | | |
| | | | | | | 1,388,588 | |
| | | | | | | | |
15
| | | | | | | | |
| | | Principal
Amount
(000) | | | U.S. $ Value | |
| | |
Guam – 2.1% | | | | | | | | |
Antonio B Won Pat International Airport Authority
Series 2021-A
3.839%, 10/01/2036 | | $ | 700 | | | $ | 571,199 | |
Series 2023
5.375%, 10/01/2040(f) | | | 250 | | | | 243,938 | |
5.375%, 10/01/2043(f) | | | 1,050 | | | | 1,021,068 | |
Guam Government Waterworks Authority
Series 2016
5.00%, 01/01/2046 | | | 1,335 | | | | 1,342,477 | |
Guam Power Authority
Series 2017-A
5.00%, 10/01/2036 | | | 2,940 | | | | 3,029,871 | |
5.00%, 10/01/2037 | | | 1,300 | | | | 1,334,958 | |
5.00%, 10/01/2040 | | | 1,000 | | | | 1,018,987 | |
Series 2022-A
5.00%, 10/01/2044 | | | 3,700 | | | | 3,804,635 | |
Territory of Guam
Series 2019
5.00%, 11/15/2031 | | | 265 | | | | 275,563 | |
Territory of Guam (Guam Section 30 Income Tax)
Series 2016-A
5.00%, 12/01/2029 | | | 3,805 | | | | 3,922,933 | |
5.00%, 12/01/2030 | | | 415 | | | | 427,696 | |
5.00%, 12/01/2032 | | | 455 | | | | 468,295 | |
Territory of Guam (Territory of Guam Business Privilege Tax)
Series 2021-F
4.00%, 01/01/2042 | | | 3,000 | | | | 2,667,242 | |
| | | | | | | | |
| | | | | | | 20,128,862 | |
| | | | | | | | |
| | |
Illinois – 0.2% | | | | | | | | |
Chicago Board of Education
Series 2018-A
5.00%, 12/01/2031 | | | 2,000 | | | | 2,054,469 | |
| | | | | | | | |
| | |
Indiana – 0.2% | | | | | | | | |
City of Fort Wayne IN (Do Good Foods Fort Wayne LLC Obligated Group)
Series 2022
9.00%, 12/01/2044(b) | | | 1,480 | | | | 1,460,205 | |
10.75%, 12/01/2029 | | | 200 | | | | 196,262 | |
| | | | | | | | |
| | | | | | | 1,656,467 | |
| | | | | | | | |
| | |
Louisiana – 0.0% | | | | | | | | |
Parish of St. James LA (NuStar Logistics LP)
Series 2020-2
6.35%, 07/01/2040(b) | | | 200 | | | | 215,471 | |
| | | | | | | | |
| | |
Michigan – 0.0% | | | | | | | | |
City of Detroit MI
Series 2018
5.00%, 04/01/2036 | | | 305 | | | | 307,476 | |
| | | | | | | | |
16
| | | | | | | | |
| | | Principal
Amount
(000) | | | U.S. $ Value | |
|
Puerto Rico – 2.3% | |
Commonwealth of Puerto Rico
Series 2021-A
Zero Coupon, 07/01/2024 | | $ | 445 | | | $ | 417,745 | |
Zero Coupon, 07/01/2033 | | | 1,238 | | | | 702,972 | |
4.00%, 07/01/2033 | | | 410 | | | | 366,229 | |
4.00%, 07/01/2035 | | | 9 | | | | 7,630 | |
4.00%, 07/01/2037 | | | 7 | | | | 6,391 | |
4.00%, 07/01/2041 | | | 10 | | | | 8,388 | |
4.00%, 07/01/2046 | | | 11 | | | | 8,406 | |
5.25%, 07/01/2023 | | | 283 | | | | 283,712 | |
5.375%, 07/01/2025 | | | 521 | | | | 528,461 | |
5.625%, 07/01/2027 | | | 2,301 | | | | 2,373,980 | |
5.625%, 07/01/2029 | | | 716 | | | | 745,416 | |
5.75%, 07/01/2031 | | | 145 | | | | 152,584 | |
Series 2022-C
0.00%, 11/01/2043 | | | 64 | | | | 27,532 | |
HTA HRRB Custodial Trust
Series 2022
5.50%, 07/01/2031 | | | 140 | | | | 144,038 | |
HTA TRRB Custodial Trust
Series 2022
5.25%, 07/01/2034 | | | 1,020 | | | | 1,013,904 | |
5.25%, 07/01/2036 | | | 1,070 | | | | 1,076,450 | |
5.25%, 07/01/2041 | | | 725 | | | | 730,395 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority
Series 2020-A
5.00%, 07/01/2030(b) | | | 2,490 | | | | 2,523,378 | |
5.00%, 07/01/2035(b) | | | 1,945 | | | | 1,936,019 | |
Series 2022-A
5.00%, 07/01/2037(b) | | | 250 | | | | 244,974 | |
Puerto Rico Electric Power Authority AGM
Series 2007-V
5.25%, 07/01/2031 | | | 1,000 | | | | 1,005,285 | |
Puerto Rico Highway & Transportation Authority
Series 2022-A
5.00%, 07/01/2062 | | | 1,505 | | | | 1,392,125 | |
Series 2022-B
Zero Coupon, 07/01/2032 | | | 805 | | | | 502,119 | |
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP)
Series 2000
6.625%, 06/01/2026 | | | 1,900 | | | | 1,929,637 | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
Series 2018-A
Zero Coupon, 07/01/2029 | | | 847 | | | | 627,137 | |
Series 2019-A
4.329%, 07/01/2040 | | | 1,065 | | | | 965,105 | |
4.55%, 07/01/2040 | | | 90 | | | | 83,823 | |
5.00%, 07/01/2058 | | | 2,900 | | | | 2,683,370 | |
| | | | | | | | |
| | | | | | | 22,487,205 | |
| | | | | | | | |
| | |
Tennessee – 0.1% | | | | | | | | |
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax)
Series 2016-A
5.00%, 12/01/2035(b) | | | 1,010 | | | | 946,883 | |
| | | | | | | | |
17
| | | | | | | | |
| | | Principal
Amount
(000) | | | U.S. $ Value | |
|
Texas – 0.2% | |
Mission Economic Development Corp. (Natgasoline LLC)
Series 2018
4.625%, 10/01/2031(b) | | $ | 1,805 | | | $ | 1,760,627 | |
| | | | | | | | |
|
Washington – 0.1% | |
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group)
Series 2019-A
5.00%, 01/01/2044(b) | | | 130 | | | | 101,586 | |
5.00%, 01/01/2049(b) | | | 100 | | | | 75,961 | |
5.00%, 01/01/2055(b) | | | 410 | | | | 301,450 | |
| | | | | | | | |
| | | | 478,997 | |
| | | | | | | | |
|
Wisconsin – 0.2% | |
Wisconsin Health & Educational Facilities Authority (St. Camillus Health System Obligated Group)
Series 2019
5.00%, 11/01/2054 | | | 115 | | | | 89,063 | |
Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The))
Series 2021
5.75%, 07/25/2041(b) | | | 2,000 | | | | 1,784,687 | |
| | | | | | | | |
| | | | | | | 1,873,750 | |
| | | | | | | | |
| | |
Total Long-Term Municipal Bonds
(cost $950,670,888) | | | | | | | 893,886,679 | |
| | | | | | | | |
| | |
Short-Term Municipal Notes – 0.2% | | | | | | | | |
California – 0.0% | | | | | | | | |
Calleguas-Las Virgenes Public Financing Authority
Series 2008-A
3.20%, 07/01/2037(g)
(cost $2,355,000) | | | 2,355 | | | | 2,355,000 | |
| | | | | | | | |
| | |
Total Municipal Obligations
(cost $953,025,888) | | | | | | | 896,241,679 | |
| | | | | | | | |
| | |
COMMERCIAL MORTGAGE-BACKED SECURITIES – 2.9% | | | | | | | | |
Agency CMBS – 2.9% | | | | | | | | |
California Housing Finance Agency
Series 2021-1, Class A
3.50%, 11/20/2035 | | | 7,143 | | | | 6,722,383 | |
Series 2021-2, Class A | | | | | | | | |
3.75%, 03/25/2035 | | | 6,388 | | | | 6,229,776 | |
Series 2021-2, Class X | | | | | | | | |
0.823%, 03/25/2035(h) | | | 2,948 | | | | 157,980 | |
Series 2021-3, Class A | | | | | | | | |
3.25%, 08/20/2036 | | | 1,962 | | | | 1,810,846 | |
Series 2021-3, Class X | | | | | | | | |
0.788%, 08/20/2036(h) | | | 2,600 | | | | 141,667 | |
18
| | | | | | | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Series 2019-2, Class A
4.00%, 03/20/2033 | | $ | 7,859 | | | $ | 7,763,309 | |
Federal Home Loan Mortgage Corp.
Series 2021-ML10, Class AUS
2.032%, 01/25/2038 | | | 3,660 | | | | 2,738,550 | |
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates
Series 2022-ML13, Class ACA
2.875%, 07/25/2036 | | | 1,988 | | | | 1,705,473 | |
Series 2022-ML13, Class XCA
0.953%, 07/25/2036(h) | | | 5,566 | | | | 326,549 | |
| | | | | | | | |
| | |
Total Commercial Mortgage-Backed Securities
(cost $32,745,853) | | | | | | | 27,596,533 | |
| | | | | | | | |
| | |
SHORT-TERM INVESTMENTS – 3.6% | | | | | | | | |
U.S. Treasury Bills – 3.6% | | | | | | | | |
U.S. Treasury Bill
Zero Coupon, 06/22/2023
(cost $34,488,871) | | | 35,000 | | | | 34,478,709 | |
| | | | | | | | |
| | |
| | | Shares | | | | |
Investment Companies – 0.0% | | | | | | | | |
| | |
AB Fixed Income Shares, Inc. - Government
Money Market Portfolio - Class AB, 4.40%(i) (j) (k)
(cost $279,325) | | | 279,325 | | | | 279,325 | |
| | | | | | | | |
| | |
Total Short-Term Investments
(cost $34,768,196) | | | | | | | 34,758,034 | |
| | | | | | | | |
| | |
Total Investments – 98.9%
(cost $1,020,539,937)(l) | | | | | | | 958,596,246 | |
Other assets less liabilities – 1.1% | | | | | | | 10,818,277 | |
| | | | | | | | |
| | |
Net Assets – 100.0% | | | | | | $ | 969,414,523 | |
| | | | | | | | |
CENTRALLY CLEARED INFLATION (CPI) SWAPS
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Rate Type | | | | | | | | | | | | | |
Notional Amount (000) | | | Termination Date | | Payments made by the Fund | | | Payments received by the Fund | | | Payment
Frequency Paid/ Received | | | Market Value | | | Upfront Premiums Paid (Received) | | | Unrealized Appreciation (Depreciation) | |
| USD | | | 6,350 | | | 01/15/2025 | | | 2.565% | | | | CPI# | | | | Maturity | | | $ | 589,616 | | | $ | — | | | $ | 589,616 | |
| USD | | | 3,340 | | | 01/15/2025 | | | 4.028% | | | | CPI# | | | | Maturity | | | | 113,720 | | | | — | | | | 113,720 | |
| USD | | | 3,175 | | | 01/15/2025 | | | 2.585% | | | | CPI# | | | | Maturity | | | | 292,308 | | | | — | | | | 292,308 | |
| USD | | | 3,175 | | | 01/15/2025 | | | 2.613% | | | | CPI# | | | | Maturity | | | | 288,868 | | | | — | | | | 288,868 | |
| USD | | | 37,160 | | | 01/15/2027 | | | CPI# | | | | 3.336% | | | | Maturity | | | | (1,668,964 | ) | | | — | | | | (1,668,964 | ) |
| USD | | | 10,000 | | | 01/15/2027 | | | CPI# | | | | 3.466% | | | | Maturity | | | | (370,598 | ) | | | (10,559 | ) | | | (360,039 | ) |
| USD | | | 20,520 | | | 01/15/2028 | | | 1.230% | | | | CPI# | | | | Maturity | | | | 3,652,314 | | | | — | | | | 3,652,314 | |
| USD | | | 16,260 | | | 01/15/2028 | | | 0.735% | | | | CPI# | | | | Maturity | | | | 3,462,929 | | | | — | | | | 3,462,929 | |
| USD | | | 16,830 | | | 01/15/2029 | | | CPI# | | | | 3.735% | | | | Maturity | | | | 47,585 | | | | — | | | | 47,585 | |
19
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Rate Type | | | | | | | | | | | |
Notional Amount (000) | | | Termination Date | | Payments made by the Fund | | Payments received by the Fund | | Payment Frequency Paid/ Received | | Market Value | | | Upfront Premiums Paid/ (Received) | | | Unrealized Appreciation/
(Depreciation) | |
| USD | | | 3,150 | | | 01/15/2029 | | CPI# | | 3.408% | | Maturity | | $ | (75,279 | ) | | $ | — | | | $ | (75,279 | ) |
| USD | | | 6,300 | | | 01/15/2030 | | 1.572% | | CPI# | | Maturity | | | 1,070,744 | | | | — | | | | 1,070,744 | |
| USD | | | 6,300 | | | 01/15/2030 | | 1.587% | | CPI# | | Maturity | | | 1,062,322 | | | | — | | | | 1,062,322 | |
| USD | | | 655 | | | 01/15/2030 | | 1.714% | | CPI# | | Maturity | | | 102,987 | | | | — | | | | 102,987 | |
| USD | | | 655 | | | 01/15/2030 | | 1.731% | | CPI# | | Maturity | | | 101,982 | | | | — | | | | 101,982 | |
| USD | | | 6,200 | | | 01/15/2031 | | 2.782% | | CPI# | | Maturity | | | 426,900 | | | | — | | | | 426,900 | |
| USD | �� | | 5,700 | | | 01/15/2031 | | 2.680% | | CPI# | | Maturity | | | 447,981 | | | | — | | | | 447,981 | |
| USD | | | 5,120 | | | 01/15/2032 | | CPI# | | 3.064% | | Maturity | | | (185,560 | ) | | | — | | | | (185,560 | ) |
| USD | | | 5,250 | | | 04/15/2032 | | CPI# | | 2.909% | | Maturity | | | (257,534 | ) | | | — | | | | (257,534 | ) |
| USD | | | 1,120 | | | 04/15/2032 | | CPI# | | 2.748% | | Maturity | | | (73,795 | ) | | | — | | | | (73,795 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 9,028,526 | | | $ | (10,559) | | | $ | 9,039,085 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| # | Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI). |
CENTRALLY CLEARED INTEREST RATE SWAPS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Rate Type | | | | | | | | | | | |
Notional
Amount
(000) | | | Termination
Date | | Payments
made
by the
Fund | | Payments
received
by the
Fund | | Payment
Frequency Paid/
Received | | Market
Value | | | Upfront
Premiums
Paid/
(Received) | | | Unrealized
Appreciation/
(Depreciation) | |
| USD | | | 50,000 | | | 01/15/2027 | | 1 Day SOFR | | 3.682% | | Annual | | $ | (960,088 | ) | | $ | — | | | $ | (960,088 | ) |
| USD | | | 14,000 | | | 01/15/2027 | | 1 Day SOFR | | 2.719% | | Annual | | | (760,476 | ) | | | — | | | | (760,476 | ) |
| USD | | | 29,000 | | | 04/15/2032 | | 3.120% | | 1 Day SOFR | | Annual | | | 1,310,027 | | | | — | | | | 1,310,027 | |
| USD | | | 17,000 | | | 04/15/2032 | | 1.280% | | 1 Day SOFR | | Annual | | | 3,312,080 | | | | — | | | | 3,312,080 | |
| USD | | | 15,000 | | | 04/15/2032 | | 2.891% | | 1 Day SOFR | | Annual | | | 889,443 | | | | — | | | | 889,443 | |
| USD | | | 14,500 | | | 04/15/2032 | | 2.455% | | 1 Day SOFR | | Annual | | | 1,437,148 | | | | — | | | | 1,437,148 | |
| USD | | | 10,000 | | | 04/15/2032 | | 3.619% | | 1 Day SOFR | | Annual | | | 56,445 | | | | — | | | | 56,445 | |
| USD | | | 8,000 | | | 04/15/2032 | | 1.618% | | 1 Day SOFR | | Annual | | | 1,328,075 | | | | — | | | | 1,328,075 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | 6,612,654 | | | $ | — | | | $ | 6,612,654 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
INTEREST RATE SWAPS
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Rate Type | | | |
| Swap Counterparty | | Notional
Amount
(000) | | | Termination
Date | | Payments
made
by the
Fund | | Payments
received
by the
Fund | | Payment
Frequency
Paid/
Received | | Market
Value | | | Upfront
Premiums
Paid/
(Received) | | | Unrealized
Appreciation/
(Depreciation) | |
| Citibank, NA | | | USD | | | | 12,620 | | | 10/09/2029 | | 1.125% | | SIFMA* | | Quarterly | | $ | 1,559,277 | | | $ | — | | | $ | 1,559,277 | |
| * | Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index. |
| (a) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at February 28, 2023. |
| (b) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At February 28, 2023, the aggregate market value of these securities amounted to $194,335,667 or 20.0% of net assets. |
| (c) | Restricted and illiquid security. |
20
| | | | | | | | | | | | |
| Restricted & Illiquid Securities | | Acquisition Date | | Cost | | | Market Value | | | Percentage of Net Assets |
California Municipal Finance Authority
(UTS Bioenergy LLC)
Series 2011-A1
7.50%, 12/01/2032 | | 12/22/2011 | | $ | 2,745,000 | | | $ | 54,900 | | | 0.01% |
| (d) | Non-income producing security. |
| (f) | When-Issued or delayed delivery security. |
| (g) | Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks. |
| (i) | Affiliated investments. |
| (j) | The rate shown represents the 7-day yield as of period end. |
| (k) | To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618. |
| (l) | As of February 28, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $25,763,212 and gross unrealized depreciation of investments was $(70,495,887), resulting in net unrealized depreciation of $(44,732,675). |
As of February 28, 2023, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 4.0% and 0.5%, respectively.
Glossary:
AD – Assessment District
AGC – Assured Guaranty Corporation
AGM – Assured Guaranty Municipal
CMBS – Commercial Mortgage-Backed Securities
COP – Certificate of Participation
CPI – Consumer Price Index
DOT – Department of Transportation
ETM – Escrowed to Maturity
LIBOR – London Interbank Offered Rate
MUNIPSA - SIFMA Municipal Swap Index
NATL – National Interstate Corporation
SOFR – Secured Overnight Financing Rate
21
AB Municipal Income Fund, Inc.
AB California Portfolio
February 28, 2023 (unaudited)
In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.
| | • | | Level 1 - quoted prices in active markets for identical investments |
| | • | | Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| | • | | Level 3 - significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments) |
The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.
Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.
Valuations of mortgage-backed or other asset backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.
22
The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of February 28, 2023:
| | | | | | | | | | | | | | | | |
Investments in Securities: | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Assets: | | | | | | | | | | | | | | | | |
| Long-Term Municipal Bonds | | $ | — | | | $ | 893,886,679 | | | $ | — | | | $ | 893,886,679 | |
| Short-Term Municipal Notes | | | — | | | | 2,355,000 | | | | — | | | | 2,355,000 | |
| Commercial Mortgage-Backed Securities | | | — | | | | 27,596,533 | | | | — | | | | 27,596,533 | |
| Short-Term Investments: | | | | | | | | | | | | | | | | |
U.S. Treasury Bills | | | — | | | | 34,478,709 | | | | — | | | | 34,478,709 | |
Investment Companies | | | 279,325 | | | | — | | | | — | | | | 279,325 | |
| | | | | | | | | | | | | | | | |
| Total Investments in Securities | | | 279,325 | | | | 958,316,921 | | | | — | | | | 958,596,246 | |
| Other Financial Instruments(a): | | | | | | | | | | | | | | | | |
| Assets: | | | | | | | | | | | | | | | | |
| Centrally Cleared Inflation (CPI) Swaps | | | — | | | | 11,660,256 | | | | — | | | | 11,660,256 | |
| Centrally Cleared Interest Rate Swaps | | | — | | | | 8,333,218 | | | | — | | | | 8,333,218 | |
| Interest Rate Swaps | | | — | | | | 1,559,277 | | | | — | | | | 1,559,277 | |
| Liabilities: | | | | | | | | | | | | | | | | |
| Centrally Cleared Inflation (CPI) Swaps | | | — | | | | (2,631,730 | ) | | | — | | | | (2,631,730 | ) |
| Centrally Cleared Interest Rate Swaps | | | — | | | | (1,720,564 | ) | | | — | | | | (1,720,564 | ) |
| | | | | | | | | | | | | | | | |
| Total | | $ | 279,325 | | | $ | 975,517,378 | | | $ | — | | | $ | 975,796,703 | |
| | | | | | | | | | | | | | | | |
| (a) | Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value. |
A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended February 28, 2023 is as follows:
| | | | | | | | | | | | | | | | | | | | |
| Portfolio | | Market
Value
05/31/2022
(000) | | | Purchases
at Cost
(000) | | | Sales
Proceeds
(000) | | | Market
Value
02/28/2023
(000) | | | Dividend
Income
(000) | |
| Government Money Market Portfolio | | $ | 12,518 | | | $ | 327,343 | | | $ | 339,582 | | | $ | 279 | | | $ | 469 | |
23
